San Francisco, 6 Oct 2023: The Report Tractor Implements Market Size, Share & Trends Analysis Report By Product (Cultivator & Tiller, Harrows, Planters, Spreaders, Plough, Baler), By Region (North America, APAC, Europe), And Segment Forecasts, 2022 - 2030
The global tractor implements market size is expected to reach USD 43.50 billion by 2030, growing at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. The surge in the adoption of advanced technology in the agricultural sector and a rise in the average farmer’s income are expected to be the primary factors driving the industry. Furthermore, favorable government policies for the agricultural sector and financial support to encourage product purchase are factors anticipated to drive the global industry. Farm owners’ approach toward high crop yield and the availability of technologically advanced tractor implements that aid in increasing farm productivity are also anticipated to boost growth prospects for the global industry over the forecast period.
Several companies are investing in upcoming technologies, including robotics that separate crops from weeds, software that connects to farm equipment, and drones, which have increased the adoption of tractor implements among farmers. There are several other factors contributing to the industry including favorable climatic conditions for farming and government loan waiver schemes for farmers from all backgrounds. The COVID-19 outbreak in 2019 hampered the growth of the market. Social restrictions imposed during the pandemic by various governments led to the temporary shutdown of manufacturing sites, resulting in production and supply delays. The shortage in the raw material supply hampered the manufacturing companies in the industry.
For instance, in 2020, market leaders, such as AGCO Industries and Deere & Company showed a declining revenue due to the delays in farm equipment purchases. Both companies had increased revenue post-pandemic. There are still several challenges that the industry faces due to the high maintenance costs. It is critical to inspect tractor implements at various intervals to ensure accurate operations. In addition to checking for damaged switches, sharpening, lubricating, and other repairs required, tractor implements should be regularly inspected. Therefore, tractor implements have relatively high maintenance costs, which is expected to hamper industry growth. The industry is highly fragmented and characterized by strong competition. Key companies focus on various technological advancements, such as flying drones and agriculture robots, and are following apparatus manufacturing standards to maintain their position in the industry.
Access Research Report of Tractor Implements Market @ https://www.grandviewresearch.com/industry-analysis/tractor-implements-market-report
Tractor Implements Market Report Highlights
- The harrow segment is estimated to grow at the second-fastest CAGR over the forecast period as these tools offer ease of doing chores and improve overall productivity
- Furthermore, increasing adoption of the optimum seedbed by farmers to cultivate various upland crops is expected to boost the demand for harrows
- In addition, several companies are introducing foldable harrows that are driving segment growth. For instance, in November 2021, Pottinger launched the Lion 1002 C power harrow designed for various tractors of up to 500 hp
- North America was the third-largest region in 2021 due to the high sales of various tractor implements on account of increased farm consolidation, large production bases, and government support
- Furthermore, the demand for sustainability by farmers in managing their operations leads to the adoption of efficient tractor implements
- The shortage of farm labor in the region is also expected to drive the market. For instance, according to a report published by the Canadian agriculture human resource council, the labor shortage is estimated to rise to 123,000 workers by 2029
Tractor Implements Market Report Scope
Market size value in 2021
USD 29.38 billion
Revenue forecast in 2030
USD 43.50 billion
CAGR of 5.0 % from 2022 to 2030
Base year for estimation
2018 - 2020
2022 - 2030
List of Key Players of Tractor Implements Market
- Claas KGaA Mbh
- Deere & Company
- Kubota Corp.
- CNH Industrial N.V.
- Agco Corporation
- Tractors and Farm Equipment Limited (TAFE)
- SDF Group
- Mahindra & Mahindra
- J C Bamford Excavators Ltd. (JCB)
- Kuhn Group
- Alamo Group
Access Press Release of Tractor Implements Market @ https://www.grandviewresearch.com/press-release/global-tractor-implements-market